Mark Barnett takes over Edinburgh IT from Woodford

Invesco Perpetual’s Mark Barnett has taken over management of the Edinburgh Investment Trust from Neil Woodford on the same day as fee cuts have been announced.

In a notice to the London Stock Exchange this morning the Edinburgh Investment Trust board confirmed that Barnett will take over management of the trust today.

The departure of Neil Woodford from Invesco Perpetual was first announced back in October 2013. However it remained uncertain whether Invesco Perpetual would continue to run the trust following Woodford’s exit.

Since then the board has considered the fund’s investment style and reviewed management fees before appointing Barnett as manager.

The fee cut sees a new flat management fee of 0.55 per cent whilst the board has also agreed a reduction of up to £7.5 million in the amount of any performance fee in respect of the current financial year.

An Edinburgh Investment trust statement says: “The Board has spent time reviewing proposals for the ongoing management of the Company from Invesco Perpetual. This has included careful consideration of their investment style and strategy for the portfolio, having regard to the Company’s twin investment objectives of providing a rising income and long term capital growth, and an assessment of their management resource.”

Invesco head of specialist funds Graeme Proudfoot says: “We are delighted that the Board of EIT has decided to retain Invesco Perpetual as manager of the trust.  At Invesco Perpetual we believe we have a world class investment team and in Mark Barnett a manager with long experience and an exceptional track record.”